Hyderabad, July 27, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Middle East & Africa Cybersecurity Market Report (2023-2028)," the market is estimated at USD 2.59 billion in 2023. It is expected to register a CAGR of 12.42% during the forecast period.
Cybersecurity systems are used by organizations to ensure data security. Cybersecurity solutions help companies detect, report, and monitor cyber threats. They block internet-based attempts of hackers to disrupt sensitive information and preserve data confidentiality.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 2.59 billion |
| Market Size (2028) | USD 4.65 billion |
| CAGR (2023-2028) | 12.42% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | High demand for business activities in Saudi Arabia. |
| Increase in the importance of data preservation. |
Who are the Top Companies in the Middle East & Africa Cybersecurity Market?
The Middle East & African cybersecurity market is highly competitive, including several players. As far as market share is concerned, few players dominate the market.
Noteworthy players in the Middle East & African cybersecurity market are,
- Cisco Systems Inc.
- Dell Technologies
- Kaspersky Lab
- IBM Corporation
- Check Point Software Technologies Ltd
- Palo Alto Networks Inc.
- Broadcom Inc. (Symantec Corporation)
- Trend Micro Inc.
- FireEye Inc.
- Paramount Computer Systems LLC
- DTS Solutions Inc.
Other Reports That Might Be of Your Interest:
- Europe Cybersecurity Market Report - The European cybersecurity market value is estimated at USD 51.75 billion in 2023. It is expected to reach USD 83.5 billion by 2028, registering a CAGR of 10.04% during the forecast period (2023-2028).
- Japan Cybersecurity Market Report – The Japanese cybersecurity market size is estimated at USD 1.81 billion in 2023. It is expected to reach USD 3.17 billion by 2028, registering a CAGR of 11.89% during the forecast period (2023-2028).
Key Highlights from the Middle East & Africa Cybersecurity Market Report:
The Cloud Segment is a Major Driver of the Market
- The use of cloud-based managed security services has increased drastically in recent years. The adoption of these services has made it easier for Middle Eastern organizations to adopt cybersecurity practices.
- Cloud computing has completely revamped the way in which data, workloads, and applications are stored, shared, and used.
BFSI is Predicted to Drive the Market
- In 2021, the UAE Banks Federation (UBF), which represents 49 other banks, launched an initiative to combat all kinds of cyber threats. As a part of this initiative, all the member banks will have to collect data, analyze, and share information on cyber threats, all while allowing alert management and anonymous reporting.
- A powerful strategy focused on cybersecurity was built by the National Bank of Fujairah (NBF). This strategy focused on three factors, data protection, identity protection, and culture.
What are the Latest Developments in the Middle East & Africa Cybersecurity Market?
- In November 2023, Resecurity created an alliance with Saudi Cybersecurity Company (CyberKSA) to provide consumer and enterprise clients a top-notch cyber threat intelligence (CTI), digital risk management (DRM), dark web monitoring (DWM), fraud prevention (FP) and identification protection (IDP) tools.
- In August 2022, a new program named CyberIC was announced by the National Cybersecurity Authority. Its main purpose was to boost the capabilities of cybersecurity experts who work with national authorities.
Mordor Intelligence has Segmented the Middle East & Africa Cybersecurity Market Based on Solution, Service, Deployment, End User, and Country:
- By Solution (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Threat Intelligence and Response Management
- Identity and Access Management
- Data Loss Prevention Management
- Security and Vulnerability Management
- Unified Threat Management
- Enterprise Risk and Compliance
- By Service (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Managed Services
- Professional Services
- By Deployment (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Cloud
- On-premise
- By End User (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Aerospace and Defense
- BFSI
- Healthcare
- Manufacturing
- Retail
- Government
- IT and Telecommunication
- Other End users
- By Country (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of Middle East and Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Middle East & Africa Cybersecurity Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Germany Cybersecurity Market Report - The German cybersecurity market size is estimated at USD 10.24 billion in 2023. It is expected to reach USD 17.54 billion by 2028, registering a CAGR of 11.36% during the forecast period (2023-2028).
- Colombia Cybersecurity Market Report - The Colombian cybersecurity market size is estimated at USD 0.93 billion in 2023. It is expected to reach USD 1.57 billion by 2028, registering a CAGR of 11.12% during the forecast period (2023-2028).
- Africa Cybersecurity Market Report - The African cybersecurity market size is estimated at USD 0.53 billion in 2023. It is expected to reach USD 1 billion by 2028, with a CAGR of 13.50% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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